Since the rise of ChatGPT as one of the fastest-growing online platforms, many questions are surfacing over the internet regarding the abilities of AI. ChatGPT, coupled with Dall-E, can already produce content and images ready to publish, answer complex math questions, and derive insights or summaries from a large pool of data and content. At the start, it had some flaws and was limited in terms of the responses it could produce. 

But with the introduction of ChatGPT 4.0, these past limitations have been addressed, as it can handle enormous amounts of textual and visual information. Thus, many industries have started adopting AI into their core operations, including the market research industry. But is it really possible to let AI take control over the research operations and data analysis?

To answer this question, let's first go through the pros and cons of using AI in market research.

Pros: 

• Efficiency in data analysis: AI can analyze large amounts of data sets within no time, including open-ended responses, to derive insights. Manual scanning of these data sets can take weeks or even months. 
• Identification of target audience for surveys: AI can speed up the initial filtration process to get to the right audience for surveys, following the set parameters. Having the right respondents is crucial for any survey as it means getting precise and quality outputs. 
• Report generation: AI can automatically generate reports based on data processing, which then can be used to develop the final report in-line with the company's or client's quality requirements. 
• Timely delivery of reports: As AI takes care of your secondary research and data analysis, you can develop reports quicker to meet tight deadlines. 

Cons: 

• Referencing the source of data: The LLM chatbots like ChatGPT are programmed to use the information available on the internet to produce search results. Rather than citing the actual article link, it creates the search results in a summarized form. Thus, it is not preferred to rely on AI for secondary research as it is difficult to judge the reliability of the source used by AI. 
• Biased content: AI chatbots are programmed to follow specific rules and regulations to avoid presenting any inappropriate content. But because of such restrictions, AI can also filter out information that might have been crucial to your research studies. 
• Flawed data analysis: AI lacks the understanding of ethical limitations and analogies used by humans while communicating. This makes it harder for the AI to understand the survey responses in general and produce flawed output. Similarly, it can also impact the analysts by affecting their analytical and critical thinking abilities as they over-rely on the use of AI. 

These pros and cons are not only limited to the above-mentioned ones but reflect only a fraction of the bigger picture. The critical thing to learn here is that, although AI can be quick and intelligent in many cases, it is nowhere near as reliable and accountable as a human being. Thus, in market research and any other industry, AI should only be used as a tool for improving efficiency and reducing operational costs. AI is an excellent tool for analysts, as it saves them from the hassle of manual analysis and research. But the final responsibility of checking for source credibility, quality requirements, and research validity falls on the analyst. 

Another concern while using AI is data security, as LLMs use data sets to train themselves through machine learning. Thus, if you are dealing with confidential information such as a client's internal data, using AI tools is not a good idea, especially if it is not being monitored by an internal security system to track the flow of data.

We at VM Insights value innovation and cutting-edge technologies, but we understand that AI is not a replacement but a valiant tool for market research professionals. Furthermore, as a firm that puts data security before anything, we take special care while incorporating AI into our workflow and make sure that its use is limited and monitored. 

When you reach out to us for any of our services, you can be rest assured that the outcomes we offer are produced through credible sources, have the care and attention put into them, and are backed up by exhaustive data security measures.